Correlation Between GALENA MINING and Jupiter Fund
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Jupiter Fund at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GALENA MINING and Jupiter Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GALENA MINING LTD and Jupiter Fund Management, you can compare the effects of market volatilities on GALENA MINING and Jupiter Fund and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in GALENA MINING with a short position of Jupiter Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Jupiter Fund.
Diversification Opportunities for GALENA MINING and Jupiter Fund
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Jupiter is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Jupiter Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jupiter Fund Management and GALENA MINING is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on GALENA MINING LTD are associated (or correlated) with Jupiter Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jupiter Fund Management has no effect on the direction of GALENA MINING i.e., GALENA MINING and Jupiter Fund go up and down completely randomly.
Pair Corralation between GALENA MINING and Jupiter Fund
Assuming the 90 days horizon GALENA MINING LTD is expected to under-perform the Jupiter Fund. In addition to that, GALENA MINING is 2.58 times more volatile than Jupiter Fund Management. It trades about -0.02 of its total potential returns per unit of risk. Jupiter Fund Management is currently generating about -0.01 per unit of volatility. If you would invest 147.00 in Jupiter Fund Management on October 11, 2024 and sell it today you would lose (41.00) from holding Jupiter Fund Management or give up 27.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
GALENA MINING LTD vs. Jupiter Fund Management
Performance |
| Timeline |
| GALENA MINING LTD |
| Jupiter Fund Management |
GALENA MINING and Jupiter Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Jupiter Fund
The main advantage of trading using opposite GALENA MINING and Jupiter Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Jupiter Fund can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Jupiter Fund will offset losses from the drop in Jupiter Fund's long position.| GALENA MINING vs. GigaMedia | GALENA MINING vs. Media and Games | GALENA MINING vs. PENN NATL GAMING | GALENA MINING vs. CN MODERN DAIRY |
| Jupiter Fund vs. De Grey Mining | Jupiter Fund vs. Fast Retailing Co | Jupiter Fund vs. TRADELINK ELECTRON | Jupiter Fund vs. GALENA MINING LTD |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Valuation module to check real value of public entities based on technical and fundamental data.
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